Author: Ogochukwu Ndubuisi

Dangote Petrol N65 Cheaper in Togo — Importers Some fuel importers in the country have alleged that the Dangote refinery sells a litre of petrol to international traders at N65 cheaper than the amount it gives the product to marketers in Nigeria. The Depot and Petroleum Product Marketers Association of Nigeria, Petroleum Products Retail Outlet Owners Association of Nigeria confirmed this in separate exclusive interviews with PUNCH. While kicking against the planned slashing of prices on Monday, DAPPMAN in particular said it was a ploy to stifle competition. The Dangote refinery recently announced that it would drop petrol prices from…

Anambra Politics Heats Up: Soludo’s Wife Challenges Senator Ekwunife to Fidelity Oath The wife of Anambra State Governor, Mrs. Nonye Soludo, has challenged Senator Uche Ekwunife to take an oath of fidelity before the Blessed Virgin Mary and undergo DNA tests to prove the paternity of her children. This challenge comes after Ekwunife, the deputy governorship candidate of the All Progressives Congress (APC), alleged that Mrs. Soludo was close to former Governor Chinwoke Mbadinuju. Mrs. Soludo described Ekwunife’s claims as malicious and warned that she would take legal action unless the senator withdraws her statements and apologizes within 72 hours.…

N5.7bn Contract: EFCC Gets Order to Detain Sujimoto Luxury CEO The Economic and Financial Crimes Commission, EFCC, has secured a court order to detain the Chief Executive Officer, CEO, of Sujimoto Luxury Construction Limited, Sijibomi Ogundele, over alleged N5.7billion unexecuted contract. He was accused of abandoning the project, failing to return to site, and ignoring repeated calls for accountability. Following his alleged failure to honour several invitations, the EFCC, on September 5, declared him wanted. However, before he surrendered himself to the anti-graft agency, the embattled contractor took to his social media platforms to plead his innocence. He explained that…

Burkina Faso Reaffirms Pan-African Commitment with Visa Fee Removal Burkina Faso has announced the removal of visa fees for all African nationals, effective immediately, in a move aimed at promoting regional integration, boosting tourism, and reinforcing its commitment to Pan-Africanism. The country’s Security Minister, Mahamadou Sana, disclosed the policy shift on Thursday, September 12, 2025, after a cabinet meeting chaired by the junta leader, Captain Ibrahim Traoré. According to Sana, “From now on, any citizen from an African country wishing to travel to Burkina Faso will not pay any amount to cover visa fees.” However, travelers will still be required…

NLNG Shifts Towards Third Party Gas Sourcing to Meet Energy Demand Nigeria LNG Limited (NLNG) has announced a strategic shift toward third-party gas sourcing to sustain production and meet growing energy demands across Africa and global markets. Mr Nnamdi Anowi, General Manager, Production, NLNG, disclosed this while addressing a Focussed Group Session at the Gastech Exhibition and Conference in Milan, Italy. The session was themed “Resilience in the Face of Operational Challenges – The NLNG Story.” Anowi explained that the move became necessary following the International Oil Companies’ (IOCs) divestment from onshore to deepwater operations in Nigeria. He recalled that…

Fitch Downgrades France to ‘A+’ with Stable Outlook Fitch Ratings has downgraded France’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘A+’ from ‘AA-‘ with stable outlook. The downgrade reflects the following key rating drivers and their relative weights: According to Fitch, France’s general government debt ratio will continue to rise, reflecting persistent primary fiscal deficits. Fitch projects debt to increase to 121% of GDP in 2027 from 113.2% in 2024, without a clear horizon for debt stabilisation in subsequent years. France’s 2024 debt ratio, already double the ‘A’ category median, was 15pp above its 2019 level and is now the…

NGX Index Surges as Banks Drive Intraday Rally The Nigerian Exchange (NGX) all-share index (ASI) is climbing during the intraday trading session, albeit slowly, due to sustained bargain hunting. The market closed positively yesterday as investors maintained buying interest in some listed companies’ stock. Stockbrokers said the price appreciation is soft at 0.06%, which could be reversed if there is any position exits in bellwether stocks in the local bourse. Investors are mainly showing interest in banking stocks with quiet trading activities around other key sectoral indexes. Amidst the rights issue extension, UBA is topping the intraday rally followed by…

NUPENG Threatens to Resume Strike The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has threatened to resume its suspended nationwide strike, over alleged breach of agreement. The union made this known in a statement by its National President, Mr Williams Akporeha, and General Secretary, Mr Afolabi Olawale, on Thursday in Abuja. The union accused the Dangote Group of violating a peace agreement brokered by the Federal Government. According to the statement, the peace pact was signed on Tuesday at the DSS headquarters to guarantee workers’ rights and industrial harmony. “On September 10, Alhaji Sayyu Dantata instructed all his…

Rates Mixed on Liquidity Swings, Banks Halt Borrowings from SLF Interbank rates moved in different direction amidst liquidity fluctuation in the financial system. The short term benchmark interest rates remained lower, with intermittent movement based on direction of banking system liquidity. The funding remained positive as local banks continue to play strong at the Central Bank of Nigeria (CBN) standing deposit facility (SDF) window to sterilised excess funds, though earning subpar rate. Activities of the deposit money banks at standing lending facility (SLF) have reduced sharply since liquidity surplus surface and the CBN has refused to float OMO bills for…

NAICOM Urges Insurers to Embrace Data, Innovation for Growth The National Insurance Commission (NAICOM) has called on insurance operators to embrace data-driven practices, innovative business models, and strategic alliances to ensure the long-term sustainability of the industry. Mr Olusegun Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, made the appeal on Thursday at the 2025 Insurance Professionals Forum of the Chartered Insurance Institute of Nigeria (CIIN) in Abeokuta, Ogun State. The forum has as its theme: “Nurturing the Insurance Industry for Sustainable Growth”. He said the industry must leverage data-driven insights to identify growth opportunities and make informed…